Menthaoil On MCX Settled Up 0.95% At 1027.9

Menthaoil on MCX settled up 0.95% at 1027.9 on the back of pick-up in demand at domestic spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices. However upside seen limited on the speculation the area under cultivation can incerese this year resulting good production. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels. Since farmers are keeping most of stocks, thus whenever requirement arises, industry people will be purchasing from the farmers.